[One and Only...]

I've recently come into some money and am looking to place it into one of my accounts, the problem is I owe them around 5k.

My query is will they remove it automatically from the money I will put in, as I could do with holding on to it for a while.

Any help would be appreciated fellas,

Thanks.

[bobbylight]

if you owe the bank 5 g's, and you put over 5 g's in the account, I would imagine they would take it from you

[Hawk7389]

Who do you owe money to? The bank that you would be depositing the money? Or is it a loan or something like that you owe on? Is the money you owe due to overdrawing your account or bouncing checks?

[One and Only...]

Originally Posted by Hawk7389

Who do you owe money to? The bank that you would be depositing the money? Or is it a loan or something like that you owe on? Is the money you owe due to overdrawing your account or bouncing checks?

The bank where I would be depositing the cheque, and I am already making payments on what I owe.

[Hawk7389]

Do you owe because you have a loan with them? If you owe because you over drew your account or something like that they will probably take your money. If you have a loan or something with an agreed payment plan and you aren't behind or late then you should be fine.

[Hawk7389]

But then again you are in England and I don't know how banks and such operate there.

[fil]

Banks typically to not managed your money, meaning that they won't automatically deduct what you owe them.

Banks operate by people owing interest payments, which is what you're already doing.

It's actually their gain that you owe them and pay them more on top of what you owe on a monthly basis, aka interest payment.

If you're that concerned, open another account, deposit your new fangled money there, and keep paying interest on your original loan at your first bank.

/thread closed

[CANADIANFIGHTCLUB]

This is just what I would do.....

If you owe them money and you are paying interest on that money........Pay them the 5 grand. You will save a ton in interest, then with the extra money you have every month, that used to be going to pay off the loan....save that in a new account. If you don't pay interest then don't worry about paying them back right away.

Also if it is a load.....I dout they will just take the money you owe them, unless you are overdrawn on your account, or somthing like that.

Banks make money off loans, they prefer if you take along time to pay them off.

[Sonny]

Originally Posted by CANADIANFIGHTCLUB

This is just what I would do.....

If you owe them money and you are paying interest on that money........Pay them the 5 grand. You will save a ton in interest, then with the extra money you have every month, that used to be going to pay off the loan....save that in a new account. If you don't pay interest then don't worry about paying them back right away.

Also if it is a load.....I dout they will just take the money you owe them, unless you are overdrawn on your account, or somthing like that.

Banks make money off loans, they prefer if you take along time to pay them off.

Agreed 100%. You'll save yourself a lot of money by paying off your debt.

The only other thing I can think of is to open another account at a different bank.

[KrazyKanadian]

Why do you need to hold onto the bulk of the money anyways?